AI Summary of Article 94 Powers of competent authorities
Competent authorities shall have, under national law, powers to require information and documents; suspend or prohibit crypto‑asset services, public offers, admissions to trading, platform trading and marketing (suspensions up to 30 consecutive working days); require or disclose material information; make public non‑compliance; require contract transfers on authorisation withdrawal (with agreement); order immediate cessation of unauthorised activity; require amendments to crypto‑asset white papers and marketing; conduct on‑site inspections; outsource verifications; remove managers; require position reductions; and order removal, restriction or deletion of online interfaces or domains, or set minimum denominations or issuance limits for asset‑referenced or e‑money tokens.
These powers are without prejudice to other supervisory or prudential powers, including those under Directive 2009/110/EC and Regulation (EU) No 1024/2013. For Title VI authorities may also access and copy documents and data, compel information and question persons, enter premises and seize material where insider dealing or market manipulation is suspected, refer matters for criminal prosecution, request telecommunications traffic records, freeze or sequestrate assets, impose temporary professional prohibitions and require corrective public statements. Courts may be asked to decide on use of powers; authorities may act directly, in collaboration, by delegation or by court application; Member States must ensure measures to enable exercise of powers; persons providing information to competent authorities are not liable for that disclosure.
Article 94 Powers of competent authorities
1. In order to perform their duties under Titles II to VI of this Regulation, competent authorities shall have, in accordance with national law, at least the following supervisory and investigative powers:
(a) to require any person to provide information and documents which the competent authorities consider could be relevant for the performance of their duties;
(b) to suspend, or to require a crypto-asset service provider to suspend, the provision of crypto-asset services for a maximum of 30 consecutive working days on any single occasion where there are reasonable grounds for suspecting that this Regulation has been infringed;
(c) to prohibit the provision of crypto-asset services where they find that this Regulation has been infringed;
(d) to disclose, or to require a crypto-asset servicer provider to disclose, all material information which might have an effect on the provision of the crypto-asset services concerned, in order to ensure the protection of the interests of clients, in particular retail holders, or the smooth operation of the market;
(e) to make public the fact that a crypto-asset service provider fails to fulfil its obligations;